Mr. A purchased a flat for rs. 35 lakhs for which he made payment in 2 installments - rs. 17 lakhs through a bank loan and the balance through the proceeds from the sale of a residential house. he eventually bought another house with the balance money, and invested a small part of it in an agriculturral land. the loan got for purchase is still there. the flat was piurchased before the house was sold. the second house was purchaesd after the sale. Can both the houses be shown as investement of sale proceeds for the purpose of capital gains? and how should the loan be treated?

further details:

Sale of House property : 15/2/2007 : Rs. 75 Lakhs

House No. 1:
* Construction Agreement for the flat : March 2005
* Loan taken for the flat : March 05: Rs. 17.50 lakhs
* Balance amount paid for flat : 20/2/2007 : Rs. 23 lakhs
* Possession of Flat taken : 8/5/2006

House No 2:
* Payment and Registration : 24/4/2007 : Rs. 36,07,600

Agricultural Land:
* Purchase of land : 5/3/2007 : Rs. 16.50 lakhs

Can we claim exemption for capital gains?

Hello Sirs,
Can some body guide me in the following issue ?
Though the ST liability was fully paid by us , erroniously they were paid under different ST category account heads instead of to the actual services categories provided by us. Can we now get them rectified to Our actual service catogories and file the ST returns ? if so what is the proceedure to be followed.

i am pcc student.i completed my 1 year of article ship.should i able to get transfer?

Dear All,

If a manfacturing company received exciable material short i.e 8000 kg against bill of 10000kg. In this case , whether he has passed debit note of 2000 kg to party & availed excise duty only for 8000 kg.
Now the supplier how can take benefit of excise on 2000kg material which is short received by buyer.

Please tell.

Can anybody tell me if a company borrows ECB Loan from Holding Company, service tax is levieable on the availed loan
please help me out thank you

Hi

Please clarify - For the financial year 2008-09 do we have to issue Form 16 & 16A in old formate or new formate? Because these new Forms are applicable w.e.f. 1st April, 2009 and we can issue these forms only on or after 1st April, 2009 for the relevent financial year. If it is to be in new formate how we can get the "UTN" nos for the earlier period?

if an company chreged depreciation on a assets from the month when its ready for use before making the entry in accounts. Is it correct.

For a example : Date of entry is 12-12-2008 and bill date is 11-11-2008 and charged depreciation from the month of Nov. 2008 as in this month assets was ready for use.

Is it Correct ?

a dealer has charged VAT on cost of material and on Transportation loading and unloading charges. As per AP VAT Rules is the VAT applicable on Transportaion and Loading & unloading charges. please clarify

Suppose we are manufacturing company which have given payments for some purchases of goods as well as store items. The material were used in this financial year. But the bills are not yet come till date. The crediors are showing DR balances. We want to finalise our accounts and audit and cannot wait for the bills to come. The payments made to creditors without bill booked for the above are shown as advance s in our books. Their would be no impact on profits for goods as the same would be adjusted in Consumption of Raw material. But for stores item purchased, Profit would be shown higher due to the non booking of bills.

I wanted to Know whether the treatment of showing advances and adjusting the same in consumption of raw material is correct?

Whether purchases are to be booked on basis of arrival of bills or use of material?

Secondly is their any other way to account this purchases without bills being received for same. Please suggest for Goods as well as services separately.

Our Company provided Sodexho Pass (Food Coupon)to our employees and we receive the bill which includes the amount of food coupon and service charges Suppose if we have ordered food coupon of Rs 10000/- on that the pass service agent charges service chgs of Rs 1000 + service tax chgs Rs 112.36 he provide us the bill for all these amount into one bill amounting to Rs 11,112.36/- my query is that should i have to deduct TDS on the whole amount i.e Rs 11,112.36/- or only on the service charges + service tax i.e Rs 1112.36/-

Regard